Do Self Storage Units Have Insurance?

Is Insurance Included?

Most self storage facilities require you to have insurance, but they don't provide it automatically. You'll usually have the option to purchase insurance through the facility or a third-party provider. Alternatively, your homeowners or renters insurance may cover your stored items. Check with your facility and insurance company to ensure proper coverage.

Before you place the items into a storage unit though, it is a good idea to take a look at some of the insurance coverage you are provided. According to Essex Self Storage, which provides self-storage units in Essex, Ontario, many storage unit companies will offer insurance for you when you decide to use them to hold onto some of your items. But the coverage limits, the amount you pay, and the coverage limits can vary. You will need to look over the contract before you sign to see whether the coverage is affordable and works for your needs. Many individuals choose to get their own insurance just to have some extra protection and fewer hoops to jump through if something does go wrong.

Let’s take a closer look at some of the insurance that you will need if you use a storage unit and whether the management company will provide the insurance, your homeowner’s policy will work, or if you will need to get your own policy to help with this.

The Self-Storage Management Company Insurance

One option that you can choose is to go with the insurance that the self-storage company will provide. Most of these units will offer insurance to the people who use it. If you only have a few items that you would like to have stored, then this is often enough to help you out and you can rely on their coverage. If you need some specialized coverage to keep your items safe, then you may want to look at some other options.

Not all storage companies will provide the same type of insurance. You will need to take a look at some of the fine print in the contract to learn more about the limits of the coverage and the other details for the policy too. If you are good with it, then sign on the dotted line and be ready to go.

Homeowner’s Insurance

Maybe the insurance coverage that you are offered through your self-storage unit is not going to be enough. You have some valuables that you want to store and you want to make sure that you are not short-changed when there is a break-in. You could use the insurance policy that the unit provides, but you can also look at other options to see what is going to work the best for you.

In many cases, if you own a home and have insurance on the home, then the policy is going to help cover your storage units. You will need to take a closer look at your own insurance policy to make sure that this is true.

Keep in mind that even if your homeowner’s policy does cover stored items, it is going to have a lower coverage limit, so it will not cover the same amount that it would for your home. But it is still often higher than what the storage company will give you.

Getting Your Own Policy

There are also some individual policies that you can purchase that will provide more coverage when it comes to the items that you leave in a storage unit. If you are worried that the other two options will not provide the coverage that you need, then you should consider this one. You can pick the coverage and the limits that you want for your items to help make sure you are covered.

Do not pick out the first policy that you can find. You need to shop around and figure out how to get the best deal possible for your items and what coverage you would like.

If you can combine it together with your auto insurance, homeowner’s insurance, and even renter’s insurance, then you may be able to get a better deal out of the process as well. Talk to an agent, explain what coverage you are hoping to get, and then see what a difference it can make to your peace of mind.

Protecting Your Personal Items

Everyone hopes that the items they leave in their storage unit will be safe and they will never have to worry about someone breaking in and taking all of the valuables. But things do happen and if you don’t have insurance, then you will end up having to foot the bill on your own.

Whether your storage unit has insurance that you are able to use or you need to purchase some to provide that coverage, take the time to read through the fine print so you know exactly what is covered.

• Check with the self storage facility to see if they offer insurance for your belongings stored in their units
• Understand what the insurance covers and any limitations or exclusions
• Consider purchasing additional insurance coverage for valuable items or specific risks not covered by the facility's insurance
• Keep an inventory of items stored in the unit and their value for insurance purposes
• Review your existing homeowners or renters insurance policy to see if it provides coverage for items stored off-site